Vancouver Buyers Push the Kelowna Market at Record Pace

31 May

 

Kelowna, BC –Vancouver and BC Lower Mainland buyers are flocking to the Okanagan in record numbers. Buyers are cashing out and investing in the Okanagan where real estate is perceived as inexpensive in comparison. Vancouver and Lower Mainland buyers now make up 18.3% of all sales with another 6.5% of sales coming from other parts of BC. “We’ve never seen this level of interest of buyers moving from within BC”, says Mark West President of Epic Real Estate Solutions Inc. Kelowna and the Okanagan has historically seen most out of area sales coming from Alberta where in peak years as much as 20% of sales were from that region. “Alberta buyers account for 10% of residential sales currently and are generally interested in more traditional suburban single family homes” say West “However the Vancouver and Lower Mainland buyers are more accustomed to urban multi-family condo and townhome ownership.” Most sales are occurring locally with over 58% of sales taking place within the Central Okanagan. 

APRIL SURVEY SUMMARY

Property Type:

17.9% by Move-Up Buyers (down from 19% in March)

16.3% by Relocating and moving to similar property type (up from 15.6%)

16.3% buying Revenue/Investment Property (up from 12.1%)

16.1% by First Time Buyers (down from 20.2%)

15.2% by Buyers Downsizing (down from 16.5%)

7.8% moving from Single Family Home to Strata Unit (up from 7.2%)

5.4% buying Recreation Property (up from 4.4%)

4% moving from Strata Property to Single Family Home (up from 3.4%)

1.8% moving into Retirement Home/Seniors Community (down from 3.4%)

Buyer Type (Family Dynamic):

26.9% Two Parent Family/Children (down from 20.8% in March)

23.8% Empty Nester/Retired (down from 19.6%)

21.7% Couple without Children (up from 33.5%)

12.3% Single Male (down from 9.3%)

10.8% Single Female (up from 12.7%)

3.1% Single Parent with Children (up from 5.3%)

Moving From:

58.7% from Within OMREB Board Area (down from 63.6% in March)

18.3% from Lower Mainland/Vancouver Island (up from 11.5%)

10.7% from Alberta (up from 10.3%)

6.5% from Other Areas in BC (up from 6.2%)

3.8% from Eastern Canada/Maritimes (up from 3.1%)

1.6% from Saskatchewan/Manitoba (down from 4.4%)

0.4% from Outside Canada (down from 0.9%)

0% from NWT/Yukon (no change from 0%)

For more information contact Mark West at mark@epicres.com or call 1.866.679.3742 ext 201

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